XI Accountancy

AICPA stands for _________________ (Fill in the Blank)

Examples of capital expenditure

• Purchase of machinery

• Cost of leasehold land

• Cost of purchased Goodwill

• All the above

Double entry system means

• Twice recorded

• Once in ledger once in journal

• Recording of both aspects of transaction

• None of these

Amount invested by proprietor in business

• investment

• Capital

• drawing

• None of these

Trade discount means

• Cash discount

• No discount

• Reduction in price

• None of these

Current assets example

• Debtors

• Capital

• Drawing

• Furniture

a person who owes money to a firm against goods sold is called

• Creditor

• Debtor

• Both a and b

• None of these

Goods taken by the Proprietor for personal use is

• Sales

• Drawings

• Purchases

• None of these

A liability arises because of

• Cash transactions

• Credit Transactions

• Cash as well as Credit transactions

• None of these

Which of the following is not a fixed asset

• Building

• Plant and machinery

• Balance with Bank

• Goodwill